Tip # 20 Put windfall money directly into your savings account
This is something we have been doing for years. Holiday bonus at work? Savings. Tax refund? Savings. Under budget for the power bill this month? Savings. Birthday money? Savings. Win an award? Savings. Make extra money at work? Savings.
Honestly, it's one of the easiest ways to save money. You don't even miss it because you never really had it. And it really does add up fast. There is only one better way to spend windfall money...stay tuned for Tip # 21!
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I found it hard to make myself dip into savings when I only had 1 account, I needed to divide it out so I don't feel like I'm taking emergency fund money to pay for school books. I now have multiple online savings accounts (higher interest than my account at the bank). I probably lose a bit of interest since I have money spread out but it helps me put in perspective the different things I want to save for. Savings 1 is for a house. 2 is for vacation (otherwise I overspend on our trips to the beach). 3 is for things I want/need..this is where the new washer/dryer money is, the fall semester books and fees, saving for new tires. 4 is where my emergency fund is.
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